Over the last eight years, Mexico has invested 52 million pesos (US$2.7 billion) to stimulate growth in the information technology sector.

This level of investment has created tens of thousands of jobs and benefited as many as 6,000 domestic firms, according to Jose Antonio Lazcano Ponce, Deputy Director of Technological Development and Innovation at the National Council of Science and Technology (Conacyt), speaking at the 29th National Congress of the Mexican Association of Applied Research and Technological Development in Zacatecas.

Much of the government funding went to universities and research centers, which allied with major technology firms around the world to foster innovation. Some of the money was also diverted to major technology projects.

Private firms also chipped in to stimulate the growth, reported Mexican publication Terra, citing Lazcano.

Officials at the event said the government investment played a pivotal role in increasing technological talent in the country.

Mexico climbed 10 positions to be ranked 57th on the recent World Economic Forum’s Competitiveness Index. Lazcano Ponce said that the country will continue working to improve the business climate to encourage more investment in the sector.

The federal government has now set aside 1.5 billion pesos (US$81 million) to encourage technology investment by private enterprises. Reports say the government is hoping to support as many as 375 technology development projects this year.

Under this new program, private companies and universities will get 30% tax credits on the total value of their investment in technology.